CROWN VAN GELDER : Press release 10 Februari 2012: Results 2011

Press release

Velsen, 10 February 2012 (before market opening)

An analyst meeting will be held on 10 February 2012 at 1.00 p.m. The analyst presentation and audio webcast will be made available on www.cvg.nl

ANNUAL RESULTS CROWN VAN GELDER 2011 NET PROFIT OF EUR 4.3 MILLION IN 2011, INCLUDING NON-RECURRING PENSION BENEFIT OF EUR 7.8 MILLION (AFTER TAX) LOWER OPERATING RESULTS (EXCL. NON RECURRING PENSION ITEM) DUE TO LOWER SALES VOLUME, DESPITE HIGHER SELLING PRICES AND COST REDUCTIONS AFTER MAJOR EFFORTS IN MARKETING AND TECHNOLOGY IN 2011, NOW STRONG FOCUS ON COMMERCIALISATION PROGRAMME FOR NEWLY DEVELOPED PRODUCTS BASED ON CURRENT DEVELOPMENTS, CVG EXPECTS PROFITABLE 2012 KEY FIGURES

(in EUR x mln)	2011	2010
Total revenue Operating result (excluding non-recurring items) Operating result (including non-recurring items) Net result (excluding non-recurring items) Net result (including non-recurring items) Capital expenditure Sales (ton) Production (ton) Number of employees (on average) Per depository receipt of share (in EUR) Operating cash flow Net result (attributable to equity holders of the parent) Dividend (2011: proposal) Closing price Equity	162.3 (5.2) 5.2 (3.5) 4.3 3.8 203,100 203,900 292 1.04 0.98 - 3.60 16.63	160.9 (2.8) (17.8) (1.6) (12.8) 5.1 208,800 207,700 309 1.00 (2.96) - 7.25 16.55
Number of depository receipts	4,356,005	4,356,005

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Press release

Miklas Dronkers, CEO, commented on the 2011 annual results:

The year 2011 was a turbulent year, with good demand for our products in the first half. In the second half of 2011, market confidence was significantly affected by the uncertainties regarding the stability of the European financial and monetary system. As from December, a recovery in paper demand in tandem with lower pulp prices is contributing to better selling margins. Currently, Crown Van Gelder s order book is at a satisfactory level to keep production capacity fully utilised.

In the year under review Crown Van Gelder has expanded its production capabilities, making us perfectly positioned in newly developed products meeting customer specific requirements for food applications, barrier coatings and shopping bags. Crown Van Gelder has a leading position in paper supplies for the latest generation of high volume inkjet printers. We have recently introduced several new products for this market with further growth perspective.

Besides a strong focus on the commercialisation of new products in 2012, we will also aim for a

substantial production increase. We are continuing our investigation of the strategic opportunities for the company in the future .

Operating review

Results 2011

Crown Van Gelder s (CVG) net profit in 2011 was EUR 4.3 million, including a non-recurring pension benefit amounting to EUR 7.8 million (after tax). The net loss excluding pension benefit amounts to EUR 3.5 million, and this result corresponds with the outlook as stated in the November 2011 trading update (2010: EUR 1.6 million loss, excluding non-recurring items). The operating loss, excluding non-
recurring items, was EUR 5.2 million, compared to an operating loss of EUR 2.8 million in 2010. Despite
higher selling prices and structural cost reductions, results dropped due to a lower sales volume and higher energy costs. CVG s sales volume decreased by around 3% in 2011 to around 203,000, which is better than the market average in the woodfree uncoated (WFU) sector in which CVG operates. The orderintake in this market was down 8% in 2011. Total revenues increased slightly to EUR 162.3 million (2010: EUR 160.9 million).

Market developments

The year 2011 started with a good order intake, but still with negative selling margins due to high pulp costs. Also NBD sales were strong, with a 30% increase in the first half of 2011 compared to the second half of 2010. In the second half of 2011 uncertainties regarding the economic outlook and the instability
of the European financial and monetary system had a major impact on general market confidence and
the strength of paper demand. In CVG s markets, parallels were visible with market conditions in the autumn of 2008 at the outbreak of the financial crisis, with reductions in inventories and reluctance to place orders by our customers. These factors have limited our sales opportunities, especially in the period September through November. As a consequence, CVG had to decide to lengthen the planned maintenance stops in Q3 and Q4 2011.
The average selling price for CVG, which rose by nearly 4% in 2011 compared to 2010, was insufficient to fully compensate for higher input costs and the contribution loss due to the lower sales volume.
The total NBD sales volume in 2011 was around 52,000 ton, which is similar to last year s volume. Major efforts in marketing and technology executed during the slump in order intake in the autumn of 2011, have contributed to the development of a number of new products based on customer specific requirements for food packaging applications. A strong commercialisation programme for newly developed products has been initiated and together with a recovery of market confidence NBD sales are expected to increase in 2012.
Under the prevailing economic conditions, CVG s results could be adversely affected by customer insolvencies. In 2011 the company incurred small insolvency losses (2010: nil).
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Press release

Raw materials prices, energy and other costs

Pulp is the most important raw material for CVG s papers and also represents the largest input costs in the papermaking process. During the first half of 2011, the pulp market remained tight with pulp prices hovering near record levels. The NBSK benchmark (long fibre) pulp price rose from USD 950 per ton in January 2011 to around USD 1,020 per ton in June 2011. In EUR terms, prices were more or less stable at EUR 700 per ton. In the second half of 2011, pulp prices came down on the back of subdued
consumer demand and higher pulp producer inventories. In addition, lower Chinese pulp imports were
putting some extra downward pressure on pulp prices.
In January 2012, NBSK prices were down to around USD 830 or EUR 650 per ton. The price of short fibre pulp, which is of greater importance to CVG than NBSK pulp, showed roughly the same trend.
After an increase of more than 50% in 2010, the average pulp price for CVG in 2011 dropped in EUR by only 1%. On the other hand, costs for consumables, such as starch increased, counterbalancing the cost advantage of lower pulp prices.
Energy prices for 2011 were fixed at a higher level than in 2010, resulting in a cost increase of EUR 1.4 million.
A cost reduction programme, in order to counteract margin pressure, has resulted in a reduction of staff by nearly 10% compared to the staff level at the start of the reduction programme, and lower employee benefit costs.

Capital Expenditure

In 2011 capital expenditure amounted to EUR 3.8 million, which is well below the company s depreciation costs. The major part of expenditures comprise necessary replacement investments in
machinery and equipment. In 2012 capital expenditure is expected to be around EUR 8 million, which
includes the periodic revamp of the power plant and additional investments in the paper machines to exploit opportunities in new products and new markets. Capital expenditure and working capital requirements can be financed through operating cash flow and available credit lines.

Pensions

In December 2011, CVG has made new pension arrangements with trade unions for the period 2012 -
2016. As from 1 January 2012, a new pension arrangement is in place that can be characterised as a CDC (Collective Defined Contribution) pension plan, resulting in more stable and predictable IFRS pension costs for the company as from 2012. The new arrangements have also resulted in a pension settlement in the 2011 financial statements, eliminating the pension liability from the balance sheet. As a consequence, the company s equity ratio has improved to 71% (compared to 60% at 30 June 2011). The pension settlement of gross EUR 10.4 million (net EUR 7.8 million), which according to IFRS pension accounting rules flows through the income statement, has no cash impact.

Dividend proposal

Despite the company s strong equity position, the Supervisory Board will propose to shareholders to pass the 2011 dividend. In this proposal, the net operating loss over 2011, the uncertain economic conditions and the investment programme for 2012 have been taken into account. After completion of the strategic review, the company is expected to reformulate the current dividend policy.
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Strategic review

CVG started its New Business Development (NBD) programme in 2005. The aim of the NBD programme is to move into higher value-added products. Core of CVG s strategy is to become an even stronger
niche player in customer specific base papers for coating, laminating and metalizing applications.
At the beginning of 2011 the company hired Pöyry Consulting, a well-established firm within the pulp and paper industry, to investigate opportunities to give a further boost to the new business development programme. The outcome of this investigation underlined the viability of CVG s strategic direction and identified several other product / market combinations that could contribute to a further growth in NBD sales, especially in the packaging area. CVG sees opportunities to at least double the current volume of NBD sales within the next couple of years.
In order to speed up the process of returning to desired levels of profitability, next to the company s own efforts to expand the NBD portfolio, additional alternatives have to be considered to strengthen the long term market position of CVG.
For a further acceleration to a volume of NBD sales of at least 150,000 ton, CVG is actively searching for cooperation with other players in the paper and packaging sector. With the right partner, CVG should be able to speed up the launch of a broader spectrum of new products, both in the company s current
market as well as other market segments, such as (food) packaging. The company is open to discuss different structures of cooperation.
Meetings with several market players have taken place during the last couple of months and discussions with parties involved will continue. The search for alternative options is continuing against the backdrop of a challenging business climate. The company will give an update on the developments when serious opportunities materialise.

Supervisory Board

The Supervisory Board intends to nominate Mr. Theo Philippa for appointment as a fifth member of the Supervisory Board as per the Annual General Meeting of Shareholders in 2012. Mr. Philippa (1955) is a self-employed company adviser and former CFO of Farm Frites Beheer B.V. and former Finance Director of Middelland Beheer B.V., the holding company of Indofin Group. Mr. Philippa has ample expertise in the areas of company strategy and finance, as outlined in the Supervisory Board s profile.

Outlook for 2012

After several months of lower order intake in Q3 and Q4 2011, paper demand has picked up as from December and CVG s order book has returned to a satisfactory level to keep production capacity fully utilised. The recovery in market sentiment and lower pulp prices are contributing to better selling margins at the start of 2012.
The general outlook for 2012 will strongly depend on the prospects for the European economy, especially regarding the stability of the financial and monetary system.
The WFU sector in which CVG is active, is expected to benefit from recent capacity closures and a lack of new capacity additions in the EU region. These developments are likely to support operating rates, selling prices and demand for WFU paper in 2012.
CVG is focussing on the strong commercialisation of newly developed products. Together with a substantial productivity increase which is anticipated in the operations area, sales could reach at least
215,000 ton in 2012, with NBD sales representing approximately one-third of this volume.
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Press release

The pulp market has returned to a more balanced supply and demand position, and is expected to bottom-out at current price levels in the coming months. From a historic perspective pulp prices in EUR terms are still relatively high. Exchange rate developments play a major role in pulp price volatility, and the recent weakening of the euro has an adverse short term impact on pulp prices for CVG. However, the weakening of the euro is reducing the break-even point for high-costs European pulp mills, and could drive USD-based prices lower in the near future.
Energy prices for 2012 have been fixed by CVG at the same level as in 2011.
The development of results in 2012 will (among others) depend on the general economic prospects in Europe, the demand for paper, selling price, pulp price and exchange rate developments. Although the ultimate impact of these factors is yet uncertain CVG expects, based on current developments, the year
2012 to be profitable.
Due to planning reasons, the Annual General Meeting of Shareholders (AGM) has been rescheduled from 10 May 2012 to 16 May 2012. On this day, CVG will also publish a trading update. The 2012 half year results will be published on 27 July 2012 (before market opening).

For more information, please contact:

Henk van der Zwaag, CFO, tel. + 31 (0)251 262 200.
Internet site: www.cvg.nl

Profile:

Based in Velsen, the Netherlands, Crown Van Gelder N.V. is a specialist paper manufacturer with around 290 staff. The company develops, produces and sells high-quality speciality products in the woodfree uncoated and single-coated paper sectors. The product portfolio includes customised solutions for self-adhesive labels and base paper grades that are coated, metallised or provided with a (polyethylene) PE coating, and paper products suited as packaging materials for use in combination with
foodstuffs, and a series of speciality paper products designed to print forms, direct mail, envelopes,
books, and manuals. Crown Van Gelder N.V. is listed on NYSE Euronext Amsterdam.

Appendices:

- Consolidated income statement
- Consolidated statement of comprehensive income
- Consolidated statement of financial position
- Consolidated cash flow statement
- Consolidated statement of changes in equity
The 2011 annual accounts have yet not been drawn up. Therefore the 2011 consolidated income statement, statement of comprehensive income, financial position, cash flow and changes in equity have not been audited.
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CONSOLIDATED INCOME STATEMENT (x EUR 1,000)

	2011		2010
Total revenue		162,292		160,882
Costs related to revenue Raw materials, consumables and energy	(7,347) (116,837)		(7,616) (116,016)
Change in inventories of finished goods	(1,472)		2,677
Employee benefits costs	(21,743)		(21,182)
Settlement DB pension plan	10,403		-
Depreciation and amortisation	(6,248)		(8,225)
Other expenses	(13,863)		(13,350)
Total operating expenses		(157,107)		(163,712)
Operating result		5,185		(2,830)
Impairment on fixed assets		-		(15,000)
Operating result after impairment		5,185		(17,830)
Finance income	3		3
Finance costs	(433)		(346)
Net finance income		(430)		(343)
Share of after tax result of associate		408		470
Result before tax		5,163		(17,703)
Tax income / (expense)		(845)		4,870
Result for the year from continuing operations		4,318		(12,833)
Result for the year attributable to: Equity holders of the parent		4,272		(12,909)
Non-controlling interests		46		76
NET RESULT FROM CONTINUING OPERATIONS		4,318		(12,833)

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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (x EUR 1,000)

	2011		2010
Result for the year from continuing operations		4,318		(12,833)
Net gains on cash flow hedges	171		94
Income tax effect	(43)		(24)
	128		70
Actuarial losses	(5,345)		(1,218)
Income tax effect	1,336		311
	(4,009)		(907)
Movement due to change in the future tax rates	-		(24)
Other comprehensive income for the year, net of tax		(3,881)		(861)
Total comprehensive income for the year, net of tax		437		(13,694)
Total comprehensive income for the year attributable to:
Equity holders of the parent		391		(13,770)
Non-controlling interests		46		76
Total comprehensive income for the year, net of tax		437		(13,694)

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION (x EUR 1,000) (before profit appropriation)
ASSETS Non-current assets Property, plant and equipment Intangible assets Investment in associate Other assets Deferred tax asset Current assets Inventories Trade and other receivables Tax receivable Cash and cash equivalents Total assets EQUITY AND LIABILITIES Shareholders equity Non-controlling interests Total equity Non-current liabilities Employee benefit liability Deferred tax accruals Other liabilities Current liabilities Interest-bearing liabilities Trade creditors Other tax payable Other short-term liabilities Total liabilities Total equity and liabilities	31 December 2011	31 December 2010
ASSETS Non-current assets Property, plant and equipment Intangible assets Investment in associate Other assets Deferred tax asset Current assets Inventories Trade and other receivables Tax receivable Cash and cash equivalents Total assets EQUITY AND LIABILITIES Shareholders equity Non-controlling interests Total equity Non-current liabilities Employee benefit liability Deferred tax accruals Other liabilities Current liabilities Interest-bearing liabilities Trade creditors Other tax payable Other short-term liabilities Total liabilities Total equity and liabilities	38,114 1,262 1,375 2,274 10,172	53,197 48,678	40,158 1,685 1,342 2,383 10,134	55,702 49,228
ASSETS Non-current assets Property, plant and equipment Intangible assets Investment in associate Other assets Deferred tax asset Current assets Inventories Trade and other receivables Tax receivable Cash and cash equivalents Total assets EQUITY AND LIABILITIES Shareholders equity Non-controlling interests Total equity Non-current liabilities Employee benefit liability Deferred tax accruals Other liabilities Current liabilities Interest-bearing liabilities Trade creditors Other tax payable Other short-term liabilities Total liabilities Total equity and liabilities	29,006 19,241 - 431	53,197 48,678	31,779 17,119 - 330	55,702 49,228
ASSETS Non-current assets Property, plant and equipment Intangible assets Investment in associate Other assets Deferred tax asset Current assets Inventories Trade and other receivables Tax receivable Cash and cash equivalents Total assets EQUITY AND LIABILITIES Shareholders equity Non-controlling interests Total equity Non-current liabilities Employee benefit liability Deferred tax accruals Other liabilities Current liabilities Interest-bearing liabilities Trade creditors Other tax payable Other short-term liabilities Total liabilities Total equity and liabilities	- 3,324 -	53,197 48,678	4,238 3,748 636	55,702 49,228
ASSETS Non-current assets Property, plant and equipment Intangible assets Investment in associate Other assets Deferred tax asset Current assets Inventories Trade and other receivables Tax receivable Cash and cash equivalents Total assets EQUITY AND LIABILITIES Shareholders equity Non-controlling interests Total equity Non-current liabilities Employee benefit liability Deferred tax accruals Other liabilities Current liabilities Interest-bearing liabilities Trade creditors Other tax payable Other short-term liabilities Total liabilities Total equity and liabilities	- 3,324 -	101,875	4,238 3,748 636	104,930
ASSETS Non-current assets Property, plant and equipment Intangible assets Investment in associate Other assets Deferred tax asset Current assets Inventories Trade and other receivables Tax receivable Cash and cash equivalents Total assets EQUITY AND LIABILITIES Shareholders equity Non-controlling interests Total equity Non-current liabilities Employee benefit liability Deferred tax accruals Other liabilities Current liabilities Interest-bearing liabilities Trade creditors Other tax payable Other short-term liabilities Total liabilities Total equity and liabilities	- 3,324 -	72,408 53	4,238 3,748 636	72,017 83
ASSETS Non-current assets Property, plant and equipment Intangible assets Investment in associate Other assets Deferred tax asset Current assets Inventories Trade and other receivables Tax receivable Cash and cash equivalents Total assets EQUITY AND LIABILITIES Shareholders equity Non-controlling interests Total equity Non-current liabilities Employee benefit liability Deferred tax accruals Other liabilities Current liabilities Interest-bearing liabilities Trade creditors Other tax payable Other short-term liabilities Total liabilities Total equity and liabilities	- 3,324 -	72,461 3,324	4,238 3,748 636	72,100 8,622
ASSETS Non-current assets Property, plant and equipment Intangible assets Investment in associate Other assets Deferred tax asset Current assets Inventories Trade and other receivables Tax receivable Cash and cash equivalents Total assets EQUITY AND LIABILITIES Shareholders equity Non-controlling interests Total equity Non-current liabilities Employee benefit liability Deferred tax accruals Other liabilities Current liabilities Interest-bearing liabilities Trade creditors Other tax payable Other short-term liabilities Total liabilities Total equity and liabilities	9,961 10,185 105 5,839	72,461 3,324	10,962 7,913 249 5,084	72,100 8,622
ASSETS Non-current assets Property, plant and equipment Intangible assets Investment in associate Other assets Deferred tax asset Current assets Inventories Trade and other receivables Tax receivable Cash and cash equivalents Total assets EQUITY AND LIABILITIES Shareholders equity Non-controlling interests Total equity Non-current liabilities Employee benefit liability Deferred tax accruals Other liabilities Current liabilities Interest-bearing liabilities Trade creditors Other tax payable Other short-term liabilities Total liabilities Total equity and liabilities	9,961 10,185 105 5,839	26,090	10,962 7,913 249 5,084	24,208
ASSETS Non-current assets Property, plant and equipment Intangible assets Investment in associate Other assets Deferred tax asset Current assets Inventories Trade and other receivables Tax receivable Cash and cash equivalents Total assets EQUITY AND LIABILITIES Shareholders equity Non-controlling interests Total equity Non-current liabilities Employee benefit liability Deferred tax accruals Other liabilities Current liabilities Interest-bearing liabilities Trade creditors Other tax payable Other short-term liabilities Total liabilities Total equity and liabilities		26,090		24,208
ASSETS Non-current assets Property, plant and equipment Intangible assets Investment in associate Other assets Deferred tax asset Current assets Inventories Trade and other receivables Tax receivable Cash and cash equivalents Total assets EQUITY AND LIABILITIES Shareholders equity Non-controlling interests Total equity Non-current liabilities Employee benefit liability Deferred tax accruals Other liabilities Current liabilities Interest-bearing liabilities Trade creditors Other tax payable Other short-term liabilities Total liabilities Total equity and liabilities		29,414 101,875		32,830 104,930
ASSETS Non-current assets Property, plant and equipment Intangible assets Investment in associate Other assets Deferred tax asset Current assets Inventories Trade and other receivables Tax receivable Cash and cash equivalents Total assets EQUITY AND LIABILITIES Shareholders equity Non-controlling interests Total equity Non-current liabilities Employee benefit liability Deferred tax accruals Other liabilities Current liabilities Interest-bearing liabilities Trade creditors Other tax payable Other short-term liabilities Total liabilities Total equity and liabilities

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CONSOLIDATED CASH FLOW STATEMENT (x EUR 1,000)
Cash flow from Operating activities Operating result Adjustments for: Impairment Depreciation and amortisation Pensions Movements in working capital: Trade and other receivables Inventories Trade creditors Other items Interest paid Interest received Income taxes received / (paid) Cash flow from Investing activities Investments in property, plant and equipment Investments in intangible assets Dividends received Disposals of tangible fixed assets Cash flow from Financing activities Dividends paid Interest-bearing liabilities Increase / (decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December	2011	2010
Cash flow from Operating activities Operating result Adjustments for: Impairment Depreciation and amortisation Pensions Movements in working capital: Trade and other receivables Inventories Trade creditors Other items Interest paid Interest received Income taxes received / (paid) Cash flow from Investing activities Investments in property, plant and equipment Investments in intangible assets Dividends received Disposals of tangible fixed assets Cash flow from Financing activities Dividends paid Interest-bearing liabilities Increase / (decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December	- 6,248 (9,582)	5,185 (3,334) 3,119	15,000 8,225 25	(17,830) 23,250 (748)
Cash flow from Operating activities Operating result Adjustments for: Impairment Depreciation and amortisation Pensions Movements in working capital: Trade and other receivables Inventories Trade creditors Other items Interest paid Interest received Income taxes received / (paid) Cash flow from Investing activities Investments in property, plant and equipment Investments in intangible assets Dividends received Disposals of tangible fixed assets Cash flow from Financing activities Dividends paid Interest-bearing liabilities Increase / (decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December	(2,122) 2,773 2,272 196	5,185 (3,334) 3,119	3,583 (4,428) (140) 237	(17,830) 23,250 (748)
Cash flow from Operating activities Operating result Adjustments for: Impairment Depreciation and amortisation Pensions Movements in working capital: Trade and other receivables Inventories Trade creditors Other items Interest paid Interest received Income taxes received / (paid) Cash flow from Investing activities Investments in property, plant and equipment Investments in intangible assets Dividends received Disposals of tangible fixed assets Cash flow from Financing activities Dividends paid Interest-bearing liabilities Increase / (decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December	(429) 4 (36)	5,185 (3,334) 3,119	(308) 3 (17)	(17,830) 23,250 (748)
Cash flow from Operating activities Operating result Adjustments for: Impairment Depreciation and amortisation Pensions Movements in working capital: Trade and other receivables Inventories Trade creditors Other items Interest paid Interest received Income taxes received / (paid) Cash flow from Investing activities Investments in property, plant and equipment Investments in intangible assets Dividends received Disposals of tangible fixed assets Cash flow from Financing activities Dividends paid Interest-bearing liabilities Increase / (decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December	(429) 4 (36)	4,970 (461)	(308) 3 (17)	4,672 (322)
Cash flow from Operating activities Operating result Adjustments for: Impairment Depreciation and amortisation Pensions Movements in working capital: Trade and other receivables Inventories Trade creditors Other items Interest paid Interest received Income taxes received / (paid) Cash flow from Investing activities Investments in property, plant and equipment Investments in intangible assets Dividends received Disposals of tangible fixed assets Cash flow from Financing activities Dividends paid Interest-bearing liabilities Increase / (decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December	(3,756) (26) 375 -	4,970 (461)	(5,030) (61) 442 -	4,672 (322)
Cash flow from Operating activities Operating result Adjustments for: Impairment Depreciation and amortisation Pensions Movements in working capital: Trade and other receivables Inventories Trade creditors Other items Interest paid Interest received Income taxes received / (paid) Cash flow from Investing activities Investments in property, plant and equipment Investments in intangible assets Dividends received Disposals of tangible fixed assets Cash flow from Financing activities Dividends paid Interest-bearing liabilities Increase / (decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December	(3,756) (26) 375 -	4,509 (3,407) (1,001)	(5,030) (61) 442 -	4,350 (4,649) (513)
Cash flow from Operating activities Operating result Adjustments for: Impairment Depreciation and amortisation Pensions Movements in working capital: Trade and other receivables Inventories Trade creditors Other items Interest paid Interest received Income taxes received / (paid) Cash flow from Investing activities Investments in property, plant and equipment Investments in intangible assets Dividends received Disposals of tangible fixed assets Cash flow from Financing activities Dividends paid Interest-bearing liabilities Increase / (decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December	- (1,001)	4,509 (3,407) (1,001)	(2,178) 1,665	4,350 (4,649) (513)
Cash flow from Operating activities Operating result Adjustments for: Impairment Depreciation and amortisation Pensions Movements in working capital: Trade and other receivables Inventories Trade creditors Other items Interest paid Interest received Income taxes received / (paid) Cash flow from Investing activities Investments in property, plant and equipment Investments in intangible assets Dividends received Disposals of tangible fixed assets Cash flow from Financing activities Dividends paid Interest-bearing liabilities Increase / (decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December		4,509 (3,407) (1,001)		4,350 (4,649) (513)
Cash flow from Operating activities Operating result Adjustments for: Impairment Depreciation and amortisation Pensions Movements in working capital: Trade and other receivables Inventories Trade creditors Other items Interest paid Interest received Income taxes received / (paid) Cash flow from Investing activities Investments in property, plant and equipment Investments in intangible assets Dividends received Disposals of tangible fixed assets Cash flow from Financing activities Dividends paid Interest-bearing liabilities Increase / (decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December		101 330		(812) 1,142
Cash flow from Operating activities Operating result Adjustments for: Impairment Depreciation and amortisation Pensions Movements in working capital: Trade and other receivables Inventories Trade creditors Other items Interest paid Interest received Income taxes received / (paid) Cash flow from Investing activities Investments in property, plant and equipment Investments in intangible assets Dividends received Disposals of tangible fixed assets Cash flow from Financing activities Dividends paid Interest-bearing liabilities Increase / (decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December		431		330
Cash flow from Operating activities Operating result Adjustments for: Impairment Depreciation and amortisation Pensions Movements in working capital: Trade and other receivables Inventories Trade creditors Other items Interest paid Interest received Income taxes received / (paid) Cash flow from Investing activities Investments in property, plant and equipment Investments in intangible assets Dividends received Disposals of tangible fixed assets Cash flow from Financing activities Dividends paid Interest-bearing liabilities Increase / (decrease) in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 December

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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (EUR x 1,000)
	Subscribed and paid up capital	Retained earnings	Other reserves	Result for the year	Total	Non- control- ling interests	Total equity
As at 1 January 2010 Result for the period Other comprehensive income / (loss) Total comprehensive income Paid dividends Result appropriation Dividends non-controlling interests Other movements As at 31 December 2010	8,712 - -	82,416 - -	(7,683) - (861)	4,520 (12,909) -	87,965 (12,909) (861)	52 76 -	88,017 (12,833) (861)
As at 1 January 2010 Result for the period Other comprehensive income / (loss) Total comprehensive income Paid dividends Result appropriation Dividends non-controlling interests Other movements As at 31 December 2010	- - - - - 8,712	- (2,178) 4,520 - 34 84,792	(861) - - - (34) (8,578)	(12,909) - (4,520) - - (12,909)	(13,770) (2,178) - - - 72,017	76 - - (45) - 83	(13,694) (2,178) - (45) - 72,100
As at 1 January 2011 Result for the period Other comprehensive income / (loss) Total comprehensive income Paid dividends Result appropriation Dividends non-controlling interests Settlement DB pension plan As at 31 December 2011	8,712 - -	84,792 - -	(8,578) - (3,881)	(12,909) 4,272 -	72,017 4,272 (3,881)	83 46 -	72,100 4,318 (3,881)
As at 1 January 2011 Result for the period Other comprehensive income / (loss) Total comprehensive income Paid dividends Result appropriation Dividends non-controlling interests Settlement DB pension plan As at 31 December 2011	- - - - - 8,712	- - (12,909) - (12,657) 59,226	(3,881) - - - 12,657 198	4,272 - 12,909 - - 4,272	391 - - - - 72,408	46 - - (76) - 53	437 - - (76) - 72,461

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